Saturday, September 13, 2003

Business digest



From wire reports

Drug Emporium owner bankrupt

MINNEAPOLIS - Snyder's Drug Stores, Inc. filed for Chapter 11 bankruptcy protection and will sell or close its Drug Emporium subsidiary and recapitalize the Snyder's chain.

Drug Emporium owns 77 stores in Ohio - including Greater Cincinnati - Kentucky and seven other states. Not affected are several independently owned Drug Emporium stores in Texas and West Virginia, as well as the stores operating under the Snyder's name.

Workers and customers will be advised about sales and closings of corporate-owned stores as they occur.

Union, auto makers expect contract soon

DETROIT - The United Auto Workers and the Big Three automakers hammered away Friday at new labor contracts covering 300,000 active workers.

Sources said a simultaneous resolution is likely before midnight Sunday, when the current four-year pacts expire.

The pacts will cover wages and benefits for 300,000 workers and pension payments and benefits for another half-million retirees and their spouses.

The U.S. market share for GM, Ford and Chrysler is at an all-time low.